Brazilian companies could raise up to R$10.6bn (US$3.2bn) through IPOs in December as they rush to sell shares ahead of any potential volatility caused by the general election in October 2018. With the outcome of next year's presidential election still far from certain and the pipeline growing, several issuers have been tempted to tap the markets now, despite the prospect of stronger demand in January. "It is an election year in Brazil in 2018 so [issuers] are interested in coming to market sooner rather than later," one banker told IFR. Oil company petrobras, for one, is moving forward with an up to R$5.5bn spin-off of its fuel distribution unit br distribuidora in what could be Brazil's largest IPO this year.
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